We’ve introduced support for a new credit facility principal event called Merge Tranches, which enables users to select multiple open tranches and merge them together into one new tranche. This is especially useful for funds that draw down negative amounts and then wish to “relieve” negative tranches after drawing down a positive offsetting amount.

Under the Run Principal Transaction dropdown in the Credit Facility tab, users will now see a button to Merge Tranches.

After selecting Merge Tranches, users must enter an effective date. This will be the date associated with any newly created merged tranches.

Upon selecting Continue to Select Tranches, users can select multiple uses of funds / tranche rows from a table of tranches. Only tranches with non-zero balances are available to be selected.

As users select individual tranches, the New Tranches statistic at the top of the table updates to show the new tranches that will be created and the total value of the new tranche.

Tranches are required to have the same Loan type. If users select tranches across multiple loans, the system will create one new merged tranche per loan.

After making tranche selections, users can select Continue to Review .

On the Review new tranches page, users will see a table for each tranche to be created and a breakdown of how the selected tranches will combine into a single new tranche. If users selected tranches across multiple loan types, they’ll see one table per loan.

After Finalize Merge Tranches, the merge transactions will be reflected in the Principal Tracking by Use table.

Last month, we introduced support for ILPA notice generation. This is handled via a macro-enabled Excel workbook that enables users to generate tabs for both populated cover letters and ILPA notices for all commitments from the same LP in a given fund with a single button click.

This month, we added the following to ILPA exports:

If a fund draws down on a line of credit to purchase an investment, then calls capital for the same investment, there may be a period of time during which the called capital has not yet been received and the fund pays interest on the line of credit for the purchase. During this window, some funds want to charge fees only on the capital call, and not on the additional overlapping interest expense.

We’ve introduced new transaction codes so that users can reallocate outstanding tranches to keep the tranches open, but prevent them from impacting fee basis:

We’ve also introduced a new workflow that highlights this situation when users create a capital call so they can reallocate tranches accordingly in conjunction with the call to achieve the desired impact on fee basis.

Users prepare capital calls as usual. When users click Finalize Call, they’ll be taken to a new intermediary page if the following requirements are met:

The new page shows which investments fit these requirements, and allows users to specify an amount to reallocate from a fee-impacting transaction code to a non-fee-impacting transaction code. When users select Finalize Call & Create Reallocation, they’ll be taken to the Credit Facility page, where they’ll see the reallocation reflected there.

Users can also choose to ignore this notification and skip the tranche reallocation by clicking Finalize Call.

We now support calculating preferred return as IRR compounding monthly.

Under Configuration → Fund Family → Waterfall → Preferred Returns, users will now see the option to toggle Preferred return compounded between Monthly and Annually. Annually is the default option.

After a transfer is processed in Maybern, on actual views where we show the event as it occurred, we've added increased visibility on commitments that are no longer in the fund due to a transfer.

For any commitment that has been transferred out since the event was processed, users will now see a T badge under the Closing Date column. Users can hover over this badge to see the date of the impacting transfer, and click on this badge to be taken directly into the transfer event to see more information about this transfer.

Fund events need to be processed in Maybern in the order in which they occurred, due to calculation logic dependencies. This past month, we've added more controls and protections to the system to ensure this rule is always respected to ensure calculation accuracy.

When users have multiple events in the Draft state, if the move a subsequent event to Completed , any prior Draft events will now automatically move to a new state of Out of date to ensure users cannot complete a prior event out of order.

Users can still click into any Out of date event to review what they had been working on in a prior draft, but they will not be able to finalize an Out of date event. Users can discard the Out of date event by clicking discard in the red banner.

If users need this event to be finalized, they can rollback the later completed event, in which case this Out of date event will move back to Draft and be able to be finalized.

We've received feedback from severals users that it's difficult to find how to exit full screen table mode.

We've made this action more prominent and discoverable (see the Collapse button in the top-right).

We’ve added external IDs of various types to the below tables and reports where they were previously missing to aid in the validation process.

Hypothetical waterfalls

Capital activity

Reports

Credit Facilities

We made a handful of updates to Yardi exports, including adding an additional row for batch allocations, updating column names for additional clarity, and updating data types used in the body of the file.

We’ve improved clarity to differentiate management fee breaks and holdbacks from other distribution transactions in the Transactions and Capital Transactions reports.

To do this, we introduced two new columns in both reports:

We’ve updated the Fund Families table to a new card design. This makes it more clear that this is the entry point into a given Fund Family and visually highlights important metrics.

Some funds wish to stop charging investors on their invested basis the day that the fund receives ROC instead of waiting for ROC to reach investors.

To support this, we’ve introduced two new portfolio transaction codes:

These transaction codes can be referenced in a fund's fee basis configuration. As the fund has investment-level cashflows, users can book custom transactions via the Fees dashboard to include these cashflows in their management fee basis calculation.